Skip to content

Key Players in the Banking Industry in Brazil

Brazil's banking sector is a significant force in Latin America, characterized by a mix of large public and private institutions, alongside a growing presence of digital banks and fintechs. The market is dynamic, with increasing digital adoption and competition. The following table outlines ten of the largest players in the Brazilian banking industry, based on available revenue data for 2024 and the most recent information available.

Key Players Table

Player Detailed Profile Relevant Context Information Estimates of Volumes Estimates of Revenue
Itaú Unibanco The largest banking institution in Brazil and Latin America, formed by the merger of Banco Itaú and Unibanco in 2008. It offers a wide range of financial services including retail banking, corporate banking, and investment banking. Listed on B3 in São Paulo and NYSE in New York. Has a presence in 17 countries. Plays a significant role in M&A facilitation. Known for its strong presence in both the private and corporate sectors. Total assets of $519.501 billion (2024). Serves a customer base of 60 million. Has over 90,000 employees. Total assets were about $555.72 billion in 2023. Customer funds (deposits and mutual funds) grew 4% in constant euros in 2024. Annual revenue for 2024 was $62.17 billion, a slight decline from 2023. Annual revenue for 2024 was 135.74 billion BRL. Revenue in 2024 (TTM) was A$48.90 Billion.
Banco do Brasil One of the oldest banks in Brazil, established in 1808, and a government-controlled financial entity headquartered in Brasília. Provides a spectrum of retail and corporate services to individuals and businesses. Significant state ownership. Has a global reach with branches, offices, and subsidiaries in over 20 countries. Involved in government programs to boost sustainable agro-industrial chains, with BRL 101 billion allocated to the More Production Plan. Total assets of $414.096 billion (2024). Employed nearly 86,000 individuals as of 2023. Expanded credit portfolio reached R$1.3 trillion in 2024, a 15.3% increase, with significant growth in individuals, legal entities, and agribusiness segments. Assets of $379.78 billion as of 2023. Revenue in 2024 (TTM) was $25.62 billion USD, a decrease from 2023. Annual revenue in 2024 was 102.27 billion BRL. 2024 revenue was 102.27 billion BRL, an increase of 2.75% compared to 2023. Gross financial margin increased by 11.2% in 2024.
Bradesco A major Brazilian bank. Offers a variety of banking services. One of the top private banks in Brazil. Joint venture in Elo card scheme. Undergoing restructuring efforts. Total assets of $349.873 billion (2024). Credit portfolio expanded to R$ 981.7 billion ($164 billion) in Q4 2024, an 11.9% increase year-over-year. Assets of $340.41 billion as of 2023. Has a 9.5% market share in retail banking customers as of September 2024. Revenue in 2024 (TTM) was $19.12 billion USD, a decrease from 2023. Annual revenue in 2024 was 78.89 billion BRL. Revenue for the twelve months ending September 30, 2024, was $45.654 billion, an 11.15% decline year-over-year. Revenue in 2024 (TTM) was A$29.89 Billion.
Nubank A leading Brazilian neobank and fintech. Known for its fee-free, tech-first approach. Started with a focus on serving the underserved population. Became profitable by September 2021. Expanding its footprint in Mexico and Colombia. Ranks third among Latin America's financial institutions by client count. Increasing presence of alternative lenders. Boosted its customer base by 4.5 million in Q4 2024, reaching 114.2 million clients by December 31, 2024. Has over 90 million users, with over 70 million in Brazil. Credit portfolio grew 75% to $11.5 billion in Q4 2024. Total loans hit $20.7 billion in Q4 2024. Secured lending portfolio grew 615% YoY to $1.4 billion. Commands a 20.3% market share in retail banking customers as of September 2024. For 2024, earned $1.9 billion in net profit, up 110% from 2023. Revenue reached a record $3 billion in Q4 2024. Achieved $11.5 billion in revenue in 2024, a 58% year-over-year growth. Reported $8 billion revenue in 2023.
Santander Brasil The Brazilian subsidiary of the Spanish multinational financial services company Santander. A major player in the Brazilian banking market. Part of the global Santander group. Joint venture in Elo card scheme. Experienced a higher charge related to the temporary levy on revenue earned in Spain in 2024. Total assets of $227.538 billion (2024). Assets of $186.41 billion as of 2023. Has a 7.1% market share in retail banking customers as of September 2024. Total customers for the group reached 173 million in 2024. Customer funds grew 4% in constant euros in 2024. Revenue in 2024 (TTM) was $8.73 billion USD, an increase over 2023. 2023 revenue was ₹769.45 Billion. Group total income increased by 9.9% in constant euros in 2024 compared to 2023.
BTG Pactual The largest investment bank in Latin America. Offers a full range of services in Wealth Management, Asset Management, and Investment Banking. Known for its strong presence in investment banking and asset management. Has offices in several countries in the Americas and Europe. Maintained its industry-leading position in Investment Banking in 2023. Total assets of $323.779 billion (2024). AuM/WuM of US$ 305.7 billion (4Q24). Total balance of US$ 108 billion (2Q24). Net inflows (NNM) were R$ 41 billion in Q4 2023. Client assets under management and administration reached R$ 1.6 trillion in 2023. Revenue in 2024 (TTM) was $6.82 billion USD, an increase over 2023. Total revenues of R$ 34.7 billion (up 12% from FY 2023) in FY 2024. Total Revenues were US$ 4.1 billion in 2024. Total revenues were R$ 21.6 billion in 2023. Revenue in 2024 (TTM) was £5.33 Billion.
Banco do Nordeste do Brasil A development bank focused on fostering economic growth in its operational region (Northeast Brazil). Primarily provides loans and financing solutions tailored to various sectors. A regional development bank with a specific focus. Engages in partnerships for regional development and entrepreneur training. Total assets data not consistently available for 2024 in USD. Loans for industrial, commercial, and rural operations, and microcredit are key products. Revenue (2023) of $2.4 billion. Latest twelve months revenue was 11.156 billion BRL (Sep 2024). Revenue for fiscal year ending December 2023 was 10.373 billion BRL.
Caixa Econômica Federal A significant state-owned bank in Brazil, commonly known as Caixa. Plays a crucial role in social programs and offers retail banking services. Important role in government social programs and infrastructure financing. Joint venture in Elo card scheme. A major player in the retail banking market. Total assets of $289.015 billion (2024). Assets of $300.63 billion as of 2023. Has a 6.9% market share in retail banking customers as of September 2024. Loans segment dominates the Brazil retail banking market, commanding approximately 75% of the total market share in 2024, with Caixa being a key player. Specific revenue figures for 2024 are not readily available in the provided sources. Its size and market share suggest substantial revenue. The Brazil Retail Banking Market size was valued at USD 197.33 Billion in 2024.
Banco Safra A privately owned Brazilian bank. Part of the global Safra Group. Known for its focus on high net worth individuals and corporate banking. Total assets of $50.76 billion (2024). Specific revenue figures for 2024 are not readily available in the provided sources. Its asset size indicates it is a significant player in terms of revenue generation.
Banco Votorantim (Banco BV) A large privately owned Brazilian bank. Also known as Banco BV. Part of the Votorantim Group. Total assets of $23.03 billion (2024). Total assets as of December 31, 2022, were also significant. Specific revenue figures for the banking arm in 2024 are not readily available. Consolidated net revenue for Votorantim S.A. was R$48.5 billion in 2023, but this includes other businesses. Net profit for Jan-Sep 2024 was R$1,163,635 thousand.

References